Highlights
1. Gambling is an activity that has attracted human beings since ancient times, involving betting on uncertain outcomes.
2. Gambling is based on chance or luck and has nothing to do with a person’s skills.
3. Betting is a form of gambling where an agreement is made between two parties, with one party making a prediction and the other party either forfeiting the wager or paying a higher amount based on the agreed terms.
Introduction
October 5, 2012 Posted by Admin
Betting vs Gambling
Gambling is an activity that has attracted human beings since time immemorial because of the feature of an uncertain outcome. Many people think of both gambling and betting as synonymous with no difference between the two terms. Let us find out in this article.
Gambling
Gambling is an activity that humans have taken an interest in since time immemorial. There is an inherent feeling of excitement in gambling, in anticipation of a preferred outcome turning up. This is natural as even those who place a bet or something of value in the hope of a particular result taking place are not sure of the outcome and know that there is an element of risk involved in gambling. All governments across the world seek to control heavily or regulate the act of gambling because of the fact that gambling is addictive in nature.
Betting
Betting is predicting the outcome of a future event and placing a wage on that outcome. Horse racing has been a sport for thousands of years and even today races are organized where people place bets on their favorite horses. Today betting is an organized commercial activity with there being betting companies that invite people to place bets and payout according to the bets that are waged by players.
What is the difference between Betting and Gambling?
– Gambling is a generic word to describe the activity of placing wages on particular outcomes or events taking place while betting is the term used to refer to an agreement between two parties where one party makes a prediction and loses or makes money if his prediction turns out to be true. The other party forfeits the amount waged or has to return many times more as per the agreement.
– Governments try to regulate gambling as it can be addictive in nature causing harm to families and individuals, as people go on gambling, to make up losses and ultimately lose everything they have.
– Betting is a word coined to validate the activity of gambling. Whereas gambling is looked down upon, betting is considered normal in most societies.
